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NPCI defers 0.4% fee on UPI transactions above 2,000 until after Diwali

The National Payments Corporation of India (NPCI) has deferred the implementation of the 0.4 percent Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions over Rs 2,000, which was originally scheduled to take effect on October 15. Following a trade delegation meeting with Finance Minister Nirmala Sitharaman and pushback from the opposition, the NPCI announced that a new rollout date will be decided after Diwali, providing timely relief to merchants and MSMEs during the festive season.

13 Oct 2026 3:23 pm